R850-140-500. Development Transactions -- Approval of Minor Development Transactions

1. For purposes of this rule, a minor development transaction is a proposed development transaction that: (a) involves a projected commitment of trust lands or assets of less than $5 million; or (b) if the proposed development transaction is a joint venture or Other Business Arrangement, involves a projected commitment of trust lands or assets of less than $2 million. 2. The agency shall provide the board with the following information with respect to a proposed minor development transaction: (a) a description of the parties to and terms of the proposed transaction; (b) an economic analysis of the proposed transaction; (c) a description of the competitive or advertising process used in soliciting offers for the transaction; (d) a declaration of staff conflicts of interest, if any; (e) if the transaction will involve the subordination of trust assets in connection with a joint venture or Other Business Arrangement, a description of the assets and an analysis of relevant risks to those assets; and (f) other relevant information derived from the agency's due diligence activities. 3. The board must approve any proposed minor development transaction that is a joint venture or Other Business Arrangement in accordance with Subsection 53C-1-303(4)(e). 4. The director may approve any proposed minor development transaction that is not a joint venture or Other Business Arrangement after compliance with Subsection R850-140-500(2). 5. The board or director, as appropriate, may approve, conditionally approve, or reject any proposed minor development transaction consistent with their fiduciary obligations.